Saturday, May 18th, 2024

Indian economy’s recovery since 2014 is a case study for Harvard Business School: Nirmala Sitharaman

Addressing the gathering at Gujarat Chambers of Commerce and Industry (GCCI) in Ahmedabad on Saturday, Finance Minister Nirmala Sitharaman said the revival of the Indian economy, especially banks, since 2014 is truly a lesson for Harvard Business School. The Finance Minister was speaking on the topic of Developed India 2047.

Speaking at the event, Nirmala Sitharaman said, “India has revived its economy between 2014 and now, especially in the case of banks. This is really a lesson for Harvard Business School.”

He outlined the changes in India’s banking sector and the reforms initiated by the government since 2014.

Sitharaman pointed to the twin balance sheet problem prevalent in 2014, where banks’ balance sheets were burdened with non-performing assets (NPAs), hindering lending to companies, while the companies themselves were unable to repay the loans. Was struggling for.

Drawing comparisons, Sitharaman highlighted the failure of Silicon Valley Bank in the United States and stressed the role of the Indian government in safeguarding the infrastructure of Indian banks during and after the pandemic. He praised the Indian banking sector for effectively managing the merger and ensuring stability amid challenging circumstances.

“After the pandemic, banks like Silicon Valley Bank, which were widely trusted by startups, collapsed and no one knew about it,” he said.

Reflecting on her visit to India, Sitharaman acknowledged the difficulties faced by the government in restoring the economy, including issues related to mergers, liquidity problems in 2019, the impact of COVID-19 in 2020 and the recovery Including the fragile economy that needs it.

“So even after COVID managing the banks, keeping them healthy, making sure they don’t collapse, is still a raw game for the West, whereas we have managed them, although we have built a fragile “Started with the situation”

Sitharaman expressed optimism about India’s future, saying that with continued collective effort, India can achieve the vision of a developed India by 2047. Emphasizing the importance of sustained efforts by all stakeholders, he said, “Another good solid 25 years of everyone’s effort, we will.” Be able to reach developed India.”

The Minister also highlighted the resilience and progress of the Indian economy, demonstrating the government’s commitment to promoting growth and development.

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